Since the 2021 bull cycle, many people have come to know Solana by the name of Ethereum killer. In 2023, Solana, which was thought to be finished, rose from its ashes and hosted a move that astonished the entire cryptocurrency world. Investors are now debating whether SOL can provide similar spectacular returns to ETH.
Will Solana Perform Better?
Following Solana’s incredible rise from its $9 trough at the end of 2022 and the beginning of 2023, many experts have begun to express the view that the altcoin will outperform Ethereum.
If we are to believe the statements made by analyst Raoul Pal, SOL could not only surpass Vitalik Buterin’s darling this year but also continue its remarkable rise. Pal looked back at the bull run that emerged in 2018, examined the graph of ETH, and compared it with Solana’s current price. He also pointed out the similarities that emerged.
Raoul Pal said the following:
When I flip ETH’s 2018 chart and compare it to Solana’s, they are nearly identical. ETH rose 47 times from this low level.
Therefore, some analysts suggest that SOL could rise up to 50x, similar to the rise in ETH’s price from its lowest levels after 2018.
Solana or Ethereum?
Experts have come to a consensus on one opinion. While Ethereum offers endless options for creating a project, Solana attracts attention with its closed system that knows how to maintain loyalty in its community. More importantly, the Solana network has much cheaper gas fees compared to Ethereum.
Cryptocurrency investor Marc Colcer made a statement on X (Twitter):
Everyone wants the prices of their wallets, NFTs, memecoins, etc., to rise. It’s easy to support when the price is climbing, harder when it drops 50%. However, communities that never give up will always be the most successful.
Take the Solana community as an example; they never gave up, and look how the past year has gone. A community that works together and progresses independently of price movements creates a real movement. It’s hard to stop.
I’m not even talking about the expectation of a Bitcoin bull run. When Bitcoin rises, an altcoin season follows. SOL has already risen about 15 times from its bottom level.
However, some also point out that it may be difficult for the SOL token to reach the mentioned levels due to the inflation it has. In 2021, when Solana reached its ATH, its market value was over 75 billion dollars. As of today, it would need a market value of approximately 111 billion dollars to reach its all-time high of 260 dollars.
As of the time of writing, the price of Solana (SOL) has fallen below the $100 level with a 6.6% decrease, trading at $97.96. Despite the drop in price, the 24-hour trading volume has increased by 11% and is over 3.3 billion dollars.
